Do Solar Panels Increase Your Property Value?
homes with solar energy sell for a premium, the investment in solar energy pays for itself. Consider you save on energy by going solar. Moreover, with the increased sale price of your home, the investment will save you money.
Attributed to: UMA Solar
There are so many reasons to invest in solar grids on your home, but increased property value is perhaps one of the most compelling. Not only will you be helping the environment, but your decision to install solar grids will also position your home as an opportunity to save money on energy bills, which is very attractive to potential buyers.
Solar homes sell for a premium
home buyers are consistently willing to pay a premium for a home with solar-powered energy, a 2015 study on home value and solar grids found. This isn‘t discriminative across states and doesn’t differ depending on house type, proving that there is a high demand for homes with solar grids on the market.
The same study from Lawrence Berkeley National Lab found that California was the location where solar grids prove the most valuable for homeowners. They found that with a 5-kilowatt solar system, each watt of solar will add $4 to home value in California, with the national average being $3 per watt of solar energy. The figures also show that the average premium for a home with solar grids is $15,000 for a house outside of California and $20,000 for those in California.
Solar panels as an investment
Since homes with solar energy sell for a premium, the investment in solar energy pays for itself. When you consider the amount you save on energy by going solar, coupled with the increased sale price of your home, the investment will save you money.
Despite this, upfront costs can still put people off – the average system can seem costly to set up, coming in anywhere between $10,000 to $20,000. But the investment is translated into decreased energy bills, which results in the eventual premium on the home when it sells. This is especially true for those who live in sunnier states such as California and Florida, moreover, the average savings nationwide is $1000 a year on energy costs which are huge coupled with increased home value.
Why do solar grids increase home value?
For homeowners interested in investing in solar energy, the financial rewards can be great. Solar payback means that the initial upfront cost is eventually nullified due to increased house prices and lower energy costs. This is a solid investment since people appreciate the value of having solar grids, both on a social and environmental level but also on a financial level.
Solar energy is increasing in demand since it’s so effective at decreasing energy bills and eventually pays for itself. The tax subsidies and breaks, allows an increased overall saving, making it more attractive to potential buyers. Solar grids do increase property value and will continue to do so due to the benefits to the environment, the saving on energy bills, and overall financial benefits that come with having a solar-powered home.
Learn more about the solar solutions we offer and find out how you can install solar energy in order to increase the value of your property.